www.iva.co.uk

Can anybody help !,
I'm 4 years in and want to sell my house and pay off my iva.
They have said I will have to pay it in full with charges etc.
I've worked out that if I stay in the iva they will get £12 k more payments from me .
My original debt was £31 k and they said a settlement would be £27 k as they will charge in full.
I've paid in 19 k ?.. Help me lol
Regards Dan

Hi,

Unfortunately they are correct in that you will need to pay in full with fees and possibly statutory interest.

You would need the company to remove the restriction on the sale of your house.

Anything left after the full amount is paid would be yours.

Their figures are about right --- remember that if you sell, you will not be able to get another mortgage for a few years. Why the desperation to sell up ?

Go about it the other way - what are your remaining payments to include a presumed 12 month extension for the equity?

If you really want to sell put forward a variation offer to voluntarily sell the property, pay the IVA pot the same figure as what you would pay if the IVA continues in the normal way (number of payments times monthly sum) and keep the sale proceeds.

If they accept it they are no worse off and you get to keep the proceeds.

If they reject it you continue in the normal way and keep the house until the IVA is finished.